4. Capping

A limit of 30% is placed on premium rate increases, to protect your business from dramatic fluctuations in the premium rate. This limit is not used if you change industry classification, or are a new workplace.

This capping is on the premium rate for your industry, and not on the amount of premium you pay, which will be influenced by changes in your remuneration.

5. The buy-out option

If one of your workers is injured at work, in most instances, as their employer you are responsible for the first 10 days of weekly benefit payments and also for the first $667 (2015/16) (indexed annually) of reasonable medical and related like expenses.

However, you can remove this amount, known as an employer excess, by taking up the buy-out option and paying an additional loading of 10% on your premium. This means that your claims are managed and paid for by your Agent from day one. This makes it easier for employers, especially small businesses, to manage the early stages of a claim.

The buy-out option is available to all employers. If you intend to take up this option for the 2015/16 premium period, or you already have buy-out and do not intend to continue with it, you must notify your Agent by 31 August 2014.

6. Goods and Services Tax (GST)

Your WorkCover insurance premium is subject to 10% GST, which is added after the premium is calculated.

The invoices sent to you after you have paid your premium are tax invoices for GST purposes.

Applying for a review

You have the right to request a review of an estimated claim cost where you think it has been calculated using incorrect data.